Turtle Beach (TBCH)
Market Price (8/22/2026): $12.83 | Market Cap: $246.1 MilSector: Consumer Discretionary | Industry: Consumer Electronics
Turtle Beach (TBCH)
Market Price (8/22/2026): $12.83Market Cap: $246.1 MilSector: Consumer DiscretionaryIndustry: Consumer Electronics
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldFCF Yield is 13% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Gaming Content & Platforms. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -62% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg QQuarterly Revenue Change % is -0.7% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19.6, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% Key risksTBCH key risks include [1] supply chain vulnerabilities stemming from its dependence on a limited number of third-party manufacturers and tariff exposure, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldFCF Yield is 13% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Gaming Content & Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -62% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg QQuarterly Revenue Change % is -0.7% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19.6, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% |
| Key risksTBCH key risks include [1] supply chain vulnerabilities stemming from its dependence on a limited number of third-party manufacturers and tariff exposure, Show more. |
Qualitative Assessment
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Turtle Beach (TBCH) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Reaffirmed Full-Year 2026 Guidance and Optimistic Second Half Outlook.
Despite missing revenue estimates in its fiscal Q2 2026 (ended June 30, 2026) earnings report on August 6, 2026, Turtle Beach reaffirmed its full-year 2026 revenue guidance of $335 million to $355 million, representing 5% to 11% year-over-year growth. The company also reiterated its adjusted EBITDA guidance of $44 million to $48 million, implying 10% to 20% year-over-year growth. This forward-looking optimism was supported by anticipation of major gaming releases, such as Grand Theft Auto VI (confirmed for November) and Call of Duty: Modern Warfare 4 (expected in October), which are projected to drive increased demand for gaming accessories in the second half of 2026 and into 2027.
2. Significant Gross Margin Improvement.
Turtle Beach reported a substantial gross margin expansion to 38.8% in fiscal Q2 2026, a 660 basis point improvement from fiscal Q2 2025. This improvement, partly attributed to $4.3 million in tariff refunds, also demonstrated underlying progress in gross margins, reaching approximately 31.2% excluding one-time benefits. Investors viewed this operational efficiency as a key turning point, contributing to the stock's positive reaction post-earnings.
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Turtle Beach (TBCH) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Reaffirmed Full-Year 2026 Guidance and Optimistic Second Half Outlook.
Despite missing revenue estimates in its fiscal Q2 2026 (ended June 30, 2026) earnings report on August 6, 2026, Turtle Beach reaffirmed its full-year 2026 revenue guidance of $335 million to $355 million, representing 5% to 11% year-over-year growth. The company also reiterated its adjusted EBITDA guidance of $44 million to $48 million, implying 10% to 20% year-over-year growth. This forward-looking optimism was supported by anticipation of major gaming releases, such as Grand Theft Auto VI (confirmed for November) and Call of Duty: Modern Warfare 4 (expected in October), which are projected to drive increased demand for gaming accessories in the second half of 2026 and into 2027.
2. Significant Gross Margin Improvement.
Turtle Beach reported a substantial gross margin expansion to 38.8% in fiscal Q2 2026, a 660 basis point improvement from fiscal Q2 2025. This improvement, partly attributed to $4.3 million in tariff refunds, also demonstrated underlying progress in gross margins, reaching approximately 31.2% excluding one-time benefits. Investors viewed this operational efficiency as a key turning point, contributing to the stock's positive reaction post-earnings.
3. Share Repurchase Program.
During fiscal Q2 2026, Turtle Beach executed a $25.0 million share repurchase program, buying back 2.0 million shares at an average purchase price of $12.53 per share. This move signaled management's confidence in the company's valuation and its commitment to enhancing shareholder returns, which is a significant capital allocation strategy.
4. Debt Refinancing for Enhanced Financial Flexibility.
In fiscal Q2 2026, the company restructured its existing debt facilities, securing a new $80 million asset-based lending (ABL) facility and an $85 million term loan. This refinancing replaced a prior $150 million facility and was specifically designed to enhance Turtle Beach's capital return flexibility. This improved financial structure contributed to a stronger balance sheet.
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Stock Movement Drivers
Fundamental Drivers
The 9.9% change in TBCH stock from 4/30/2026 to 8/21/2026 was primarily driven by a 14.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.52 | 12.66 | 9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 320 | 298 | -6.9% |
| P/S Multiple | 0.7 | 0.8 | 14.3% |
| Shares Outstanding (Mil) | 20 | 19 | 3.3% |
| Cumulative Contribution | 9.9% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| TBCH | 9.9% | |
| Market (SPY) | 6.5% | 44.0% |
| Sector (XLY) | -0.3% | 36.2% |
Fundamental Drivers
The 5.9% change in TBCH stock from 1/31/2026 to 8/21/2026 was primarily driven by a 17.9% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.96 | 12.66 | 5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 347 | 298 | -14.2% |
| P/S Multiple | 0.7 | 0.8 | 17.9% |
| Shares Outstanding (Mil) | 20 | 19 | 4.6% |
| Cumulative Contribution | 5.9% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| TBCH | 5.9% | |
| Market (SPY) | 11.0% | 42.1% |
| Sector (XLY) | -2.4% | 38.3% |
Fundamental Drivers
The -12.9% change in TBCH stock from 7/31/2025 to 8/21/2026 was primarily driven by a -21.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.54 | 12.66 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 381 | 298 | -21.8% |
| P/S Multiple | 0.8 | 0.8 | 4.2% |
| Shares Outstanding (Mil) | 21 | 19 | 6.9% |
| Cumulative Contribution | -12.9% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| TBCH | -12.9% | |
| Market (SPY) | 22.2% | 46.8% |
| Sector (XLY) | 7.2% | 41.1% |
Fundamental Drivers
The 12.5% change in TBCH stock from 7/31/2023 to 8/21/2026 was primarily driven by a 21.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.25 | 12.66 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 245 | 298 | 21.6% |
| P/S Multiple | 0.8 | 0.8 | 7.1% |
| Shares Outstanding (Mil) | 17 | 19 | -13.6% |
| Cumulative Contribution | 12.5% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| TBCH | 12.5% | |
| Market (SPY) | 73.2% | 48.1% |
| Sector (XLY) | 38.9% | 42.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TBCH Return | 3% | -68% | 53% | 58% | -19% | -14% | -44% |
| Peers Return | 66% | -34% | 28% | 29% | -11% | 70% | 174% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| TBCH Win Rate | 33% | 42% | 50% | 58% | 58% | 38% | |
| Peers Win Rate | 55% | 40% | 62% | 47% | 38% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TBCH Max Drawdown | -43% | -74% | -38% | -30% | -52% | -28% | |
| Peers Max Drawdown | -37% | -46% | -30% | -39% | -41% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRSR, HPQ, DELL, MSFT, KOSS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | TBCH | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.9% | -7.8% |
| % Gain to Breakeven | 13.5% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 28 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.4% | 7.1% |
| Time to Breakeven | 10 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.5% | -33.7% |
| % Gain to Breakeven | 68.0% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.5% | 23.8% |
| Time to Breakeven | 581 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -44.0% | -3.7% |
| % Gain to Breakeven | 78.4% | 3.9% |
| Time to Breakeven | 313 days | 6 days |
In The Past
Turtle Beach's stock fell -11.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.5% gain to breakeven.
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| Event | TBCH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 28 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.4% | 7.1% |
| Time to Breakeven | 10 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.5% | -33.7% |
| % Gain to Breakeven | 68.0% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.5% | 23.8% |
| Time to Breakeven | 581 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -44.0% | -3.7% |
| % Gain to Breakeven | 78.4% | 3.9% |
| Time to Breakeven | 313 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.9% | -12.2% |
| % Gain to Breakeven | 131.9% | 13.9% |
| Time to Breakeven | 818 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -86.7% | -6.8% |
| % Gain to Breakeven | 650.5% | 7.3% |
| Time to Breakeven | 902 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -54.2% | -17.9% |
| % Gain to Breakeven | 118.2% | 21.8% |
| Time to Breakeven | 229 days | 123 days |
In The Past
Turtle Beach's stock fell -11.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Turtle Beach (TBCH)
Turtle Beach Corporation (TBCH) is an audio technology company primarily engaged in developing and marketing gaming headset solutions. Under its flagship Turtle Beach brand, the company offers a wide range of headsets designed for various gaming platforms, including video game consoles, personal computers, handheld devices, tablets, and mobile phones, catering to the diverse needs of the gaming community.
Beyond its core headset offerings, Turtle Beach has expanded its product portfolio through other brands. The ROCCAT brand focuses on the personal computer peripherals market, providing gaming headsets, keyboards, mice, mousepads, and other essential accessories for PC gamers. Additionally, the company offers a selection of digital USB and analog microphones under the Neat Microphones brand, further diversifying its audio technology offerings.
Turtle Beach serves a global customer base, primarily reaching consumers through retailers, distributors, and other partners. Its key markets include North America, the United Kingdom, Europe, and other international regions, establishing itself as a significant player in the audio and gaming peripheral industries.
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- Logitech for gamers.
- Razer, but with a stronger focus on console gaming and audio.
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- Gaming Headsets (Turtle Beach): Headsets designed for various gaming platforms including consoles, PCs, and mobile devices.
- PC Gaming Peripherals (ROCCAT): A range of accessories for PC gamers, including headsets, keyboards, mice, and mousepads.
- Microphones (Neat Microphones): Digital USB and analog microphones for various audio applications.
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Turtle Beach (TBCH) primarily sells its products to other companies, specifically major retailers and distributors globally.
Based on its public filings, its major customers include:
- Amazon (AMZN) - accounted for approximately 25% of net revenue in 2023.
- Best Buy (BBY) - accounted for approximately 18% of net revenue in 2023.
- GameStop (GME)
- Walmart (WMT)
- Target (TGT)
- Argos (part of Sainsbury's - SBRY.L)
- MediaMarkt (part of Ceconomy AG - CEC.DE)
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Cris Keirn, Chief Executive Officer
Cris Keirn was appointed CEO of Turtle Beach Corporation in March 2024, having previously served as Interim CEO since July 2023. He joined the company in 2013 and has been a key leader in transforming its product portfolio, holding roles such as Senior Vice President of Global Sales and Vice President of Business Planning and Strategy. Before joining Turtle Beach, Mr. Keirn spent 17 years in leadership positions at Motorola, where he gained extensive experience across Product Management, Operations, Quality, and Customer Relations.
Mark Weinswig, Chief Financial Officer
Mark Weinswig was appointed Chief Financial Officer of Turtle Beach Corporation effective February 3, 2025. He brings over 25 years of financial leadership experience in both private and publicly traded technology companies, including 11 years as a chief financial officer. Prior to Turtle Beach, Mr. Weinswig served as CFO at Ouster following its merger with Velodyne Lidar, and previously held CFO positions at Velodyne Lidar, Inc., Avinger, Emcore, and Avanex. His career began in public accounting at PricewaterhouseCoopers and included a role as an equity research analyst at Morgan Stanley. He holds both Certified Public Accountant and Chartered Financial Analyst designations.
Tom Roberts, Chief Strategy Officer
Tom Roberts is responsible for Turtle Beach's corporate strategy and vision, enhancing corporate innovation, strategic relationships, and mergers and acquisitions. He has 30 years of experience in the video games business, driving the strategy behind new gaming accessories. Prior to joining Turtle Beach, Mr. Roberts served as CTO, CEO, and Senior Executive Vice President of Performance Designed Products (PDP), where he focused on product development, manufacturing, innovation, and overall business operations. He has nearly two decades of experience operating private-equity-backed companies, including CEO roles at Rand McNally, ArrowStream, Fusion Logistics, and Blue Software. Mr. Roberts is also a Senior Operating Partner at Diversis Capital, whose affiliate is a significant shareholder of Turtle Beach.
Joe Stachula, CTO & Senior Vice President, Product Development
Joe Stachula leads the advancement of Turtle Beach's technology and the development of new products.
Kate Zibell, Chief Marketing Officer
Kate Zibell oversees Turtle Beach's brand and creative initiatives, direct-to-consumer strategies, performance marketing, communications, sponsorships, and go-to-market strategy. She has approximately 20 years of expertise in brand storytelling, direct-to-consumer/eCommerce, digital marketing, omni-channel initiatives, and building brand loyalty and customer engagement.
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Here are the key risks to the business for Turtle Beach (TBCH):
- Macro-economic Conditions and Volatile Consumer Spending: Turtle Beach is significantly exposed to macroeconomic conditions, including inflationary pressures, potential recession concerns, and shifts in discretionary consumer spending. These factors can directly impact consumer demand for gaming accessories, increase costs of components, transportation, and logistics, and affect overall financial performance. The company's results are also affected by seasonality, with a majority of revenues typically generated in the second half of the year during the holiday season.
- Highly Competitive and Rapidly Evolving Gaming Hardware Industry: The gaming hardware industry, in which Turtle Beach operates, is highly competitive and subject to rapid technological change. To remain competitive, Turtle Beach must make substantial investments in product development. There is an inherent risk that these investments may not yield expected returns if new products or technologies do not achieve commercial success, or if rapid shifts in console hardware cycles or new proprietary audio technologies from major platform holders render current products obsolete faster.
- Supply Chain Disruptions and Trade Policy Risks: The company faces significant risks related to the manufacture, supply, and shipment of its products. Supply chain and logistics disruptions can lead to shipping delays and increased costs. Furthermore, changes in U.S. and foreign trade policies, including the imposition of tariffs and other trade restrictions, pose critical risks. Such changes could impact Turtle Beach's competitive positioning and financial performance, particularly given the global nature of its supply chain.
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One clear emerging threat for Turtle Beach is the intensifying competition from console manufacturers' first-party gaming headsets. Companies like Sony (PlayStation) and Microsoft (Xbox) are increasingly investing in and promoting their own branded headsets (e.g., PlayStation Pulse 3D Wireless Headset, Xbox Wireless Headset). These first-party accessories often offer deep integration with the console's ecosystem, exclusive features, and compelling pricing, making them highly attractive to console owners. As these offerings continue to improve in quality, features, and marketing presence, they pose a direct and significant threat to Turtle Beach's market share in the lucrative console gaming headset segment.
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Turtle Beach Corporation (TBCH) operates in several addressable markets related to gaming audio and peripherals. Here are the estimated market sizes for their main products and services:
Gaming Headsets (Turtle Beach Brand)
- Globally, the gaming headset market was valued at approximately USD 2.53 billion in 2024 and is projected to grow to USD 4.77 billion by 2033, at a compound annual growth rate (CAGR) of 7.3% from 2025 to 2033.
- Another estimate places the global market at USD 2.4 billion in 2024, with a projection to reach USD 4.9 billion by 2034, growing at a CAGR of 7.4% from 2025 to 2034.
- North America represented the largest share of the gaming headset industry, accounting for 30% in 2024.
- The Asia Pacific region leads in revenue for gaming headsets, holding a dominant share of 46.2% and generating USD 0.92 billion in 2024.
- PC/Mac gaming headsets accounted for the largest revenue share, 45% of the market in 2024.
PC Gaming Peripherals (ROCCAT Brand - including headsets, keyboards, mice, mousepads, and other accessories)
- The global PC gaming peripheral market size was valued at USD 3924.19 million in 2025 and is projected to increase to USD 6605.25 million by 2035, with a CAGR of 5.3% during the forecast period (2026-2035).
- Another report indicates the global gaming peripheral market was estimated at USD 6,215.0 million in 2024 and is projected to reach USD 11,545.6 million by 2030, growing at a CAGR of 11.0% from 2025 to 2030.
- North America accounts for approximately 27% of the global PC gaming peripheral market.
- The Asia Pacific region dominated the gaming peripheral market, accounting for 54.24% in 2024.
- In 2023, over 48 million gaming mice were sold worldwide, along with 41 million gaming headsets and 39 million mechanical keyboards.
Digital USB and Analog Microphones (Neat Microphones Brand)
- The global gaming microphones market was valued at USD 1.2 billion in 2024 and is projected to reach USD 2.5 billion by 2033, exhibiting a CAGR of 8.5% from 2026 to 2033.
- The broader global microphone market was estimated at USD 7.21 billion in 2024 and is projected to reach USD 9.99 billion by 2030, growing at a CAGR of 5.6% from 2025 to 2030.
- North America held the largest share of the microphone market, exceeding 40% in 2024.
- The Asia-Pacific microphone market is expected to grow significantly at a CAGR of over 6% from 2025 to 2030, holding approximately 25% of the global share.
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Turtle Beach (TBCH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- New Product Introductions: The company plans a significant increase in new product launches, with over 50% more new products slated for 2026 compared to 2025. These launches, particularly in the second quarter, are aimed at capitalizing on anticipated upgrade and replacement cycles across headsets, controllers, and racing simulation accessories.
- Major Game Releases: The gaming industry pipeline, especially the anticipated launch of Grand Theft Auto VI in late 2026, is expected to be a significant catalyst. Such major game releases historically drive substantial increases in gaming engagement and demand for gaming accessories.
- PDP Acquisition Synergies: The acquisition of PDP in March 2024 has already boosted Turtle Beach's sales on the Nintendo platform and is expected to continue enhancing overall revenue. This expansion of their portfolio with next-generation gaming accessories positions them to benefit from new console cycles.
- Market Share Gains in Core Headsets: Despite recent industry headwinds and overall revenue decline in 2025, Turtle Beach gained market share in its core headset brand. This strengthened competitive position is expected to contribute to revenue growth as the broader gaming accessories market improves.
- Expansion of Racing Simulation Products: Turtle Beach has reported strong performance and market share gains in its racing simulation product category. The company plans to continue expanding this segment with more SKUs in 2026, indicating this as a growth area.
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Share Repurchases
- Turtle Beach authorized a new two-year $75 million share repurchase program.
- The company repurchased approximately $19 million of shares in 2025, bringing total repurchases over the past two years (2024-2025) to nearly $47 million.
- As of December 31, 2025, approximately $58 million remained under the current share repurchase program.
Share Issuance
- No explicit dollar amount of shares issued was found in the available information.
Inbound Investments
- Turtle Beach implemented a stockholder rights plan in June 2025, designed to deter unsolicited takeovers by triggering if an entity acquires 10% or more of the company's common stock without Board approval.
Capital Expenditures
- Capital expenditures in Q4 2025 were $0.25 million, representing an 83.57% decrease year-over-year.
- Capital expenditures in Q3 2025 were $673K, an increase of 103.9% from the prior quarter.
- Operating expenses for 2026 are expected to remain similar to 2025, with additional investments planned for technology upgrades and brand development.
Peer Outperformance in Consumer Electronics
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.9% | 107.5% | 71.8% | LINC 323% · CVSA 268% · UTI 245% |
| Homebuilding | 18 | 1.5% | 35.5% | 53.8% | GRBK 186% · TOL 161% · PHM 157% |
| Hotels, Resorts & Cruise Lines | 22 | 20.5% | 55.3% | 18.7% | RCL 284% · MAR 183% · HLT 172% |
| Automotive Retail | 18 | -11.6% | 3.7% | 16.1% | MUSA 273% · PAG 187% · ORLY 120% |
| Specialty Stores | 7 | 0.2% | 33.6% | 11.2% | DKS 95% · ASO 29% · SIG 23% |
| Home Improvement Retail | 5 | -13.7% | 1.6% | 9.1% | HD 15% · LOW 14% · HVT 9% |
| Casinos & Gaming | 20 | -5.2% | -23.6% | 5.1% | BRAG 1014% · MCRI 118% · RSI 114% |
| Specialized Consumer Services | 10 | -8.8% | 16.9% | -3.3% | HRB 149% · FTDR 99% · SCI 41% |
| Restaurants | 34 | -4.3% | -4.7% | -6.2% | EAT 389% · CAKE 201% · RAVE 168% |
| Distributors | 4 | -5.1% | -23.8% | -8.4% | ARMK 164% · GPC 25% · LKQ -42% |
| Home Furnishings | 4 | 2.6% | 31.0% | -12.4% | SGI 60% · LZB 7% · MHK -32% |
| Footwear | 9 | 69.5% | 45.3% | -14.0% | WEYS 151% · SHOO 28% · DECK 27% |
| Automotive Parts & Equipment | 38 | -10.0% | -6.5% | -31.5% | MOD 1447% · GTX 296% · STRT 106% |
| Leisure Products | 13 | -0.7% | -19.6% | -31.7% | GOLF 86% · HAS 19% · MCFT 4% |
| Apparel, Accessories & Luxury Goods | 27 | 6.3% | -1.6% | -35.1% | TPR 265% · RL 254% · ELA 236% |
| Apparel Retail | 25 | 0.9% | 6.0% | -38.8% | ANF 187% · DXLG 187% · ROST 105% |
| Leisure Facilities | 12 | -11.6% | -7.7% | -39.4% | OSW 190% · JAKK 118% · ESCA 12% |
| Household Appliances | 18 | 8.3% | 38.2% | -39.9% | KEQU 177% · FLXS 151% · HBB 121% |
| Broadline Retail | 15 | 9.4% | 12.2% | -50.1% | DDS 299% · AMZN 62% · EBAY 55% |
| Computer & Electronics Retail | 3 | -14.5% | 5.5% | -54.3% | BBY -4% · GME -54% · UPBD -60% |
| Automobile Manufacturers | 8 | -68.2% | -67.3% | -68.6% | GM 88% · TSLA 60% · F 56% |
| Consumer Electronics ← | 11 | -15.7% | -22.1% | -74.9% | AXIL 2091% · GRMN 92% · TBCH -53% |
| Other Specialty Retail | 18 | -26.7% | -42.8% | -77.2% | BBW 218% · TLF 105% · WINA 92% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Turtle Beach Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 21.19 |
| Mkt Cap | 14.3 |
| Rev LTM | 29,434 |
| Op Inc LTM | 1,908 |
| FCF LTM | 1,934 |
| FCF 3Y Avg | 1,624 |
| CFO LTM | 2,350 |
| CFO 3Y Avg | 1,990 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 5.3% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 9.5% |
| Op Inc Chg 3Y Avg | 23.5% |
| Op Mgn LTM | 5.0% |
| Op Mgn 3Y Avg | 5.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 8.7% |
| CFO/Rev 3Y Avg | 7.7% |
| FCF/Rev LTM | 6.8% |
| FCF/Rev 3Y Avg | 5.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gaming accessories | 320 | 373 | 258 | 240 | 366 |
| Total | 320 | 373 | 258 | 240 | 366 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2018 |
|---|---|---|---|---|---|
| Gaming accessories | 28 | 20 | -16 | -51 | |
| Headset | 54 | ||||
| HyperSound | -0 | ||||
| Total | 28 | 20 | -16 | -51 | 54 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Gaming accessories | 16 | 16 | -18 | -60 |
| Total | 16 | 16 | -18 | -60 |
| $ Mil | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|
| Headset | 122 | 94 | 94 | 62 |
| HyperSound | 41 | 27 | 31 | 111 |
| Eliminations | -41 | -27 | -31 | |
| Total | 122 | 94 | 95 | 174 |
Price Behavior
| Market Price | $12.66 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 10/05/2010 | |
| Distance from 52W High | -25.9% | |
| 50 Days | 200 Days | |
| DMA Price | $12.76 | $12.68 |
| DMA Trend | down | up |
| Distance from DMA | -0.8% | -0.1% |
| 3M | 1YR | |
| Volatility | 60.3% | 47.8% |
| Downside Capture | 313.30 | 236.63 |
| Upside Capture | 288.44 | 162.12 |
| Correlation (SPY) | 43.1% | 45.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.70 | 1.40 | 1.69 | 1.38 | 1.60 | 1.64 |
| Up Beta | 0.02 | -0.54 | -0.03 | 0.15 | 0.96 | 1.26 |
| Down Beta | 2.71 | 1.08 | 1.33 | 1.69 | 1.79 | 2.21 |
| Up Capture | 180% | 214% | 264% | 185% | 186% | 344% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 32 | 57 | 112 | 347 |
| Down Capture | 195% | 202% | 212% | 159% | 152% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 21 | 30 | 67 | 136 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBCH | |
|---|---|---|---|---|
| TBCH | -18.5% | 47.7% | -0.28 | - |
| Sector ETF (XLY) | 4.3% | 19.6% | 0.10 | 40.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 45.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 10.1% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -19.4% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 26.3% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBCH | |
|---|---|---|---|---|
| TBCH | -13.4% | 58.8% | -0.01 | - |
| Sector ETF (XLY) | 6.2% | 24.1% | 0.22 | 45.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 48.2% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 6.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 7.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 33.2% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBCH | |
|---|---|---|---|---|
| TBCH | 11.7% | 75.4% | 0.47 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.51 | 31.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 31.4% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.0% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 7.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 20.1% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 7.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 11.2% | 2.2% | |
| 5/7/2026 | -0.9% | -8.3% | 4.6% |
| 3/12/2026 | -0.7% | -15.9% | -21.3% |
| 11/6/2025 | -3.5% | -4.5% | -3.7% |
| 8/7/2025 | 8.8% | 9.8% | 4.8% |
| 5/8/2025 | 8.9% | 25.4% | 36.4% |
| 3/13/2025 | -5.1% | -0.6% | -19.2% |
| 11/7/2024 | 5.9% | -5.5% | 12.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 11 |
| # Negative | 12 | 16 | 14 |
| Median Positive | 8.9% | 15.7% | 22.0% |
| Median Negative | -4.3% | -5.4% | -7.9% |
| Max Positive | 26.5% | 55.8% | 62.1% |
| Max Negative | -31.8% | -27.3% | -42.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 11.2% | 2.2% | |
| 5/7/2026 | -0.9% | -8.3% | 4.6% |
| 3/12/2026 | -0.7% | -15.9% | -21.3% |
| 11/6/2025 | -3.5% | -4.5% | -3.7% |
| 8/7/2025 | 8.8% | 9.8% | 4.8% |
| 5/8/2025 | 8.9% | 25.4% | 36.4% |
| 3/13/2025 | -5.1% | -0.6% | -19.2% |
| 11/7/2024 | 5.9% | -5.5% | 12.8% |
| 8/8/2024 | 15.2% | 14.9% | 5.5% |
| 5/7/2024 | 5.2% | 13.0% | 4.1% |
| 3/13/2024 | 26.5% | 55.8% | 48.0% |
| 11/7/2023 | 12.6% | 18.6% | 31.0% |
| 8/7/2023 | 8.5% | 1.8% | -8.2% |
| 5/4/2023 | 16.1% | -1.3% | -4.2% |
| 3/13/2023 | 5.8% | 16.5% | 62.1% |
| 11/3/2022 | 23.7% | 30.7% | 43.6% |
| 8/8/2022 | -31.8% | -27.3% | -42.7% |
| 5/4/2022 | -19.9% | -21.1% | -8.9% |
| 3/2/2022 | -11.8% | -15.6% | -5.6% |
| 1/6/2022 | -3.0% | -4.9% | -7.7% |
| 11/4/2021 | 0.7% | -0.1% | -16.7% |
| 8/5/2021 | -1.8% | -4.3% | -1.3% |
| 5/5/2021 | -3.0% | -4.6% | 22.0% |
| 3/4/2021 | -15.5% | -5.2% | -3.5% |
| 11/5/2020 | 0.1% | -16.1% | -1.7% |
| 8/6/2020 | -7.8% | -17.0% | -10.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 11 |
| # Negative | 12 | 16 | 14 |
| Median Positive | 8.9% | 15.7% | 22.0% |
| Median Negative | -4.3% | -5.4% | -7.9% |
| Max Positive | 26.5% | 55.8% | 62.1% |
| Max Negative | -31.8% | -27.3% | -42.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue | 335.00 Mil | 345.00 Mil | 355.00 Mil | 0 | Affirmed | Guidance: 345.00 Mil for 2026 | |
| 2026 Revenue Growth | 5.0% | 8.0% | 11.0% | 0 | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Adjusted EBITDA | 44.00 Mil | 46.00 Mil | 48.00 Mil | 0 | Affirmed | Guidance: 46.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Growth | 10.0% | 15.0% | 20.0% | 0 | Affirmed | Guidance: 15.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue | 335.00 Mil | 345.00 Mil | 355.00 Mil | 0 | Affirmed | Guidance: 345.00 Mil for 2026 | |
| 2026 Revenue Growth | 5.0% | 8.0% | 11.0% | 0 | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Adjusted EBITDA | 44.00 Mil | 46.00 Mil | 48.00 Mil | 0 | Affirmed | Guidance: 46.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Growth | 10.0% | 15.0% | 20.0% | 0 | Affirmed | Guidance: 15.0% for 2026 | |
Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 335.00 Mil | 345.00 Mil | 355.00 Mil | -1.4% | Lower New | Actual: 350.00 Mil for 2025 | |
| 2026 Revenue Growth | 5.0% | 8.0% | 11.0% | ||||
| 2026 Adjusted EBITDA | 44.00 Mil | 46.00 Mil | 48.00 Mil | -8.0% | Lower New | Actual: 50.00 Mil for 2025 | |
| 2026 Adjusted EBITDA Growth | 10.0% | 15.0% | 20.0% | ||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 340.00 Mil | 350.00 Mil | 360.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 47.00 Mil | 50.00 Mil | 53.00 Mil | 0 | Affirmed | Guidance: 50.00 Mil for 2025 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dc, Vga Llc | Direct | Sell | 8122026 | 13.00 | 5,671 | 73,723 | 23,080,733 | Form | |
| 2 | Dc, Vga Llc | Direct | Sell | 8122026 | 12.67 | 140,000 | 1,773,926 | 22,568,292 | Form | |
| 3 | Dc, Vga Llc | Direct | Sell | 8122026 | 12.70 | 140,000 | 1,777,454 | 24,390,630 | Form | |
| 4 | Scherping, Katherine Lee | Direct | Sell | 5292026 | 13.25 | 2,000 | 26,500 | 294,866 | Form | |
| 5 | Scherping, Katherine Lee | Direct | Sell | 5292026 | 13.10 | 6,845 | 89,653 | 317,669 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dc, Vga Llc | Direct | Sell | 8122026 | 13.00 | 5,671 | 73,723 | 23,080,733 | Form | |
| 2 | Dc, Vga Llc | Direct | Sell | 8122026 | 12.67 | 140,000 | 1,773,926 | 22,568,292 | Form | |
| 3 | Dc, Vga Llc | Direct | Sell | 8122026 | 12.70 | 140,000 | 1,777,454 | 24,390,630 | Form | |
| 4 | Scherping, Katherine Lee | Direct | Sell | 5292026 | 13.25 | 2,000 | 26,500 | 294,866 | Form | |
| 5 | Scherping, Katherine Lee | Direct | Sell | 5292026 | 13.10 | 6,845 | 89,653 | 317,669 | Form | |
| 6 | Scherping, Katherine Lee | Direct | Sell | 3242026 | 11.62 | 19,902 | 231,261 | 168,083 | Form | |
| 7 | Scherping, Katherine Lee | Direct | Sell | 3242026 | 11.50 | 98 | 1,127 | 395,220 | Form | |
| 8 | Dc, Vga Llc | Direct | Sell | 8222025 | 14.41 | 1,388,888 | 20,013,876 | 29,700,624 | Form | |
| 9 | Wyatt, William Z | TDG CP LLC | Buy | 8182025 | 14.41 | 693,962 | 9,999,992 | 9,999,992 | Form |
Turtle Beach — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Consumer Electronics Resources |
| CNET |
| The Verge |
| Engadget |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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